"Paper gold" is a kind of personal voucher gold. Investors buy and sell "virtual" gold on the books according to the bank quotation. Individuals earn the fluctuating price difference of gold by grasping the trend of international gold price. Investors' transaction records are only reflected in the "gold passbook account" opened by individuals in advance, and there is no cash withdrawal and delivery of real money and silver. China Bank's "Huang Jinbao", Industrial and Commercial Bank's "Gold Expert Account Fund" and China Construction Bank's "Long Jinding" personal account fund transactions all belong to this category.
At present, the "paper gold" business is most suitable for small and medium-sized investors, because the operation is simple and there is no physical storage problem. As long as we adhere to the long-term operation principle of more than half a year to 1 year, we can generally benefit. In recent years, the annual yield is 20% to 40%, which is completely in sync with the international gold price. However, account gold is a virtual sale of gold, which has no hedging function and cannot resist inflation risks; Moreover, compared with physical gold varieties, paper gold has relatively high handling fees and relatively low profits.
2. Payment in kind: low cost but inconvenient.
At present, the physical gold trading varieties are Au99.99 and Au 100g. The quotation method is RMB/gram, and the minimum transaction volume is 100g. Physical gold has a good anti-inflation function, which is more suitable for investors who want to preserve their value for a long time and have real demand for gold withdrawal, and the two-way transaction fee is only 15/10000 of the total transaction amount (about 0.48 yuan/gram), which is lower than paper gold. However, judging from the original firm offer in the past two years, the shortage of physical gold supply is a serious injury in this field; Moreover, the speculation of physical gold needs to be cashed out, and the domestic delivery site is very limited, which is inconvenient for small and medium investors.
3. Gold T+D: Great returns and great risks.
Gold T+D is also the only gold investment variety that can be speculated in China at present, which is characterized by being small and wide. The trading time is 10: 00 to 2: 30 am; There is also a short-selling mechanism, which is to sell at a high price first, then buy at a low price to close the position and earn the difference. The handling fee is equal to the spot gold handling fee of the gold exchange.
Because gold quasi-futures can meet the needs of market participants for gold hedging, arbitrage and speculation, it has become the most active trading variety in gold exchanges. However, the operating principle of T+D products is the same as that of futures investment, with huge risks, and the expected rate of return indicates the same risk ratio. Therefore, small and medium investors need to intervene cautiously.
4. Gold coins and gold bars: mainly for long-term collection.
From the perspective of long-term value preservation function, gold bars are slightly better than gold coins. It is appropriate for ordinary investors to invest in gold bars. Judging from the long-term trend of gold in the world, it is relatively easy to operate, and the space for maintaining and increasing value is relatively large. Gold bars are sold by commercial banks or direct sales flagship stores of CICC, which can be traded according to daily prices in domestic and foreign markets and can be realized at any time. If you hold it for a long time, the profit is very large.
Investors who have a certain professional foundation in collecting can invest in gold coins moderately. If you invest in gold coins, specifically, collectors might as well choose certain themes to focus on according to their hobbies, which is more targeted than guerrilla warfare. Gold and silver coins generally have various specifications, such as 1/2 ounces, 1 ounce, 5 ounces, 1 kg, etc. And usually the greater the weight, the less the circulation. Collectors can consider choosing a certain specification of coins as the focus of collection, and choose some coins with appreciation potential according to their circulation. For example, it specializes in collecting 1 kg gold coins issued by various subjects.
5. Gold ornaments: no fixed investment value.
Gold ornaments belong to the category of consumer goods and have no fixed investment value unless they are inlaid with other jewels and made by famous craftsmen. We can see that in the old gold purchasing center, even the gold ornaments bought at a high price of more than 200 yuan/gram in that year can only be "sold" into 165 yuan/gram of pure gold. Therefore, small and medium investors should not consider this field when buying gold.
6. Spot gold investment
Both buyers and sellers of spot gold sell and buy back contracts with the same number as the previous contracts before the contract expiration date, that is, close positions without actually delivering real gold. The profit or loss of each transaction is equal to the difference between two contracts in opposite directions. This way of buying and selling is what people usually call "speculating in gold". Spot gold contract trading only needs a deposit of about 10% of the transaction amount as the investment cost, which is highly leveraged and a small amount of funds promotes large-value transactions. Therefore, spot gold trading is also called "margin trading".